Money or Wealth - Deepstash
Money or Wealth

Money or Wealth

nateliason.com

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Naval Ravikant

"Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth."

NAVAL RAVIKANT

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Making Money Vs Creating Wealth

Most jobs are purely money generation, and have little to do with wealth. Generating wealth is an entire different ball game than earning money, which you can easily do by learning a few in-demand skills, and taking up a job or freelance work.

If you desire to earn money, and not create wealth, a consulting or a freelance job earns more than a regular job, provided your skills are valuable enough to get full time work.

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Generating Wealth Is A Long Shot

  • Creating wealth means a lot of expenses initially, and is a risky proposition.
  • A decent number of startups go bust, with the founders going bankrupt. They would have earned more just doing consulting or freelance work, but they chose to ‘burn’ money instead, with a ‘long shot’ hope to create tons of wealth in the coming years.
  • Working full time as a founder of a company is like being over-indexed in just one asset, exposed to a significant downside, with a low probability of an upside.

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Balancing The Two Forces Of Money And Wealth

The secret sauce to create wealth while keeping your boat afloat is to balance the two forces at play, the force of wealth creation and the force of money or income generation.

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The Side Hustle

  • A side hustle is when you continue to earn money, putting food on the table, and from your savings and the free time you have, build something that can have some value much beyond the time and money it took to build. Example: You can use your late evenings and weekends writing a book or a manual on what interests you, and what you are passionate about, even if it is just a recipe book.
  • Another way is to devote 70 to 80 percent of your time in your side hustle(now your main work project) while leaving aside some time in a week to work for money to cover your basic expenses, probably some freelance gig work, giving you a safety net. The day job is then your passion project, which will (hopefully) create wealth in the long run.

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The Side Hustle Becomes The Main Hustle

Another way is to devote 70 to 80 percent of your time in your side hustle(now your main work project) while leaving aside some time in a week to work for money to cover your basic expenses, probably some freelance gig work, giving you a safety net.

The day job is then your passion project, which will(hopefully) create wealth in the long run.

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CURATED BY

trinity_

"My adversary is the world of finance." ~ Francois Hollande

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